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12/14/22
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Newport Beach-based Berk Properties LLC acquired the fee simple interest in the Cannon’s Hotel Development Site in Dana Point for $11.6 mil. The former home of Cannon’s Restaurant, the site is fully entitled and has received California Coastal Commission approval for a 100-room boutique luxury hotel.
The property is located on a bluff-top overlooking the Dana Point Harbor and Marina with expansive, panoramic views of the Pacific Ocean and the California Coastline. It was sold by Harbor Bluff Corp, a Capitola, CA-based private family investment entity.
The site is located one block south of Pacific Coast Highway and approximately 2.5 miles west of I-5, providing excellent access to the area’s transportation network. The Dana Point Harbor and Marina features over 2,400 boat slips, several restaurants, and various marine-oriented activities. The Dana Point Harbor and Marina is undergoing a $338 mil revitalization, including the addition of approximately 110k sf of destination retail, restaurant, hotel, and office space.
“This site presented investors with the rare opportunity to purchase a fully entitled coastal property in a location with extreme barriers to entry,” noted David Sonnenblick, Principal of Sonnenblick-Eichner Company, who brokered the deal.
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